President weighs in on renewable fuel & $4/gallon
Posted By RichC on February 29, 2008
In a press conference on Thursday, President Bush referenced his administration’s heavy investing in renewable fuels and the problem this expansion creates as it competes for food crops (particularly corn based ethanol). The President stressed that we also “need more oil and gas exploration and for less money to be spent on foreign oil.” These remarks came as some areas of the United States have seen pump prices hit $4.00 per gallon. Its possible with summer around the corner that prices could go even higher, and this could make an already sluggish economy more vulnerable to recession. We can only hope that the Federal Reserves interest rate moves and the tax rebates headed in our direction this May will make a difference. My concern is that this extra cash will be spent on foreign oil or credit card debt and that this will leave very little tax rebate left to stimulate the American economy. (segment of the press conference below)
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